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BMNR stock faced renewed scrutiny after BitMine Immersion Technologies reported a $6.31 billion annual loss on Nov. 11, 2026. Falling Ethereum valuations drove most of the loss, according to the company’s annual Securities and Exchange Commission filing.
The disclosure followed further Ethereum purchases despite falling cryptocurrency prices. BitMine’s latest treasury update showed more than 6 million ETH held as of Nov. 8.
Ethereum Decline Drives BitMine’s $6.31B Annual Loss
Unrealized losses of digital assets accounted for $6.23 billion of BitMine’s annual losses, according to its latest Form 10-Q. The decline was attributed to the higher exposure to Ethereum during the fiscal year that ended Aug. 31, 2026.
The company holds 5.9 million ETH, worth $14.56 billion, and the price of acquisition is around $19.95 billion. Since then, the price of Ethereum has fallen about 44% from $4,390 to $2,466.
Ethereum price drop affected its profitability, but BitMine’s staking activity kept expanding. Annual revenue rose by more than 20-fold, from $6.1 million all the way up to $124.8 million, with staking and validation generating $121.4 million of that revenue. But the losses in cryptocurrencies exceeded the revenue, and administrative costs were $376.9 million.
BMNR Stock Prediction Uncertain Despite Bullish Targets
The financial results come at a time when BMNR stock is already suffering from a recent downturn. As of Tuesday, shares ended at $18.08, losing 2.85% on the day and about 18% since October 28.
As we reported in a recent BMNR stock forecast, Ethereum ETF outflows have been adding pressure to the company’s shares. Since then, Ethereum has kept falling, while BitMine’s financial statements have been another indicator of its exposure. The company’s stock performance remains closely linked to its treasury strategy, although other business factors also affect its valuation.
Despite the recent losses, analysts still maintain higher long-term targets for BMNR stock. Market forecast data show that two analysts have an average 12-month price target of $48.80. Their estimates range from $34 to $63.60, compared with the latest closing price of $18.08. However, those forecasts were last updated on October 7, before the company disclosed its annual loss.
Ethereum Price Approaches $2,000; What Next?
Another worry for BMNR investors is that the stock is highly vulnerable to the ongoing drop in Ethereum. ETH failed to maintain the previous rally towards $2,800, trading around $2,055 on Wednesday.
Moreover, ETH is also trading below its 20-week Bollinger Band midpoint, around $2,238, which is a sign of continued weakness on the weekly chart.
The immediate support level is near $1,965, where buyers might try to defend the recent trading range. Should this level break, then Ethereum price may continue to fall to the lower Bollinger Band around $1,610 and then to the next lower level at $1,713. On the other side, a recovery of over 2,200–2,240 would be more positive and would put $2,800 on the radar.
Despite the price weakness, BitMine has continued purchasing Ethereum rather than reducing its holdings. A recent Ethereum price analysis covered another 9,587 ETH acquisition as the company approached its accumulation target.
As we reported, its holdings had reached 6,070,092 ETH, representing 4.97% of Ethereum’s supply. Of that amount, 5,227,037 ETH was staked, with projected annualized staking rewards of $309 million.
Despite this decline, Chairman Tom Lee has maintained the company’s goal of acquiring 5% of Ethereum’s total supply.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency treasury stocks carry market, liquidity, dilution, and valuation risks. Analyst forecasts and staking projections do not guarantee returns.
